ERPsoftware market size was valued USD 27,648 millions globally. ERP system is a shared database that supports different business units. Integration of various functions in different business unit, transparency, and efficiency is predicted to drive the market over a forecast period. The need of streamlined processing in aerospace, defense, government utilities and industries will play a major role in market growth over a given period.
ERP
is business management software that collect, stores, manage and interprets
data from many business activities, thus allowing smooth flow of processes and
better decision making and productivity. In Emerging economies such as Brazil,
India and China the product will have great demand due to increasing number of
SMEs. Development in IT sector, penetration of IT firms, and changing consumer
behaviour in these regions will lead to adoption of ERP software over manual
operations.
The
inventory cost can be reduced 25% to 30% and raw material cost by 15% due to
implementation of ERP in an organization. Low inventory cost and raw material
cost will result in increased profits of firms, thus boosting demand for
product in next seven years.
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Function Insights
In
2014, the use of ERP software in financial sector accounted about 22% of market
share. It maintains proper order and record of all activities in a reliable and
precise way. Management of different financial activities such as asset
management, investments, accounting and cash flow management with ease and
simplicity is expected to increase demand.
Human
resource segment on the other hand also had a significant share in market due
to expansion of different organizations in recent time. Expansion leads to
increase in processes and complexity thus resulting in use of ERP software.
Benefits such as automated process, enhanced information sharing and
collaboration have helped in adoption of ERP software.
Deployment Insights
In
2014, Over 60% of market share was of ERP software based on on-premise
deployment. Continuous control and high data security in an organization are
benefits provided by on-premise deployment model which is expected to drive the
market.
The
second largest market share in 2014 was of Cloud deployment and it is expected
to maintain its dominance in next seven years. Major factors for its demand are
low infrastructure requirement with its capability to tune with other devices
such as tablets and mobile phones.
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Vertical Insights
In
2014, Manufacturing and services accounted 15% of market share. Operations such
as tracking day-by-day performance, customer service and monitoring daily
operations are guided by ERP software. The demand for product is expected to
increase due its capabilities like ease of production scheduling, real time
data tracking and inventory management. It will propel the growth in forecasted
period.
In
addition, due to adoption of IT infrastructure Government utilities also
accounted significant market share. High adoption of ERP in Europe and North
America is expected to drive market in coming period.
End-user Insights
SMEs
accounted for over 40.0% of the market share in 2014. Proper management of
database is required if the firm is in expansion phase. The key factors such as
reduced production cost, increased operational efficiency and on-time product
delivery is expected to augment product demand. In industrial sector, better
supply chain, reduced complexity, better CRM and improved data access has
facilitated the utilization of ERP software.
Regional Insights
Continuous
technological advancement in ERP software in association with presence of
different players has helped its growth in North America and the region account
for a share over 40% in ERP software market. Application of ERP along with
mobiles phones is anticipated to drive market in next seven years.
In
2013, European Union claimed 26% of its enterprise use ERP which was 5% more as
compared to 2010. Leading players such as Oracle, Unit4, SAP and Syspro will
boom market.
Manufacturing
sector is expanding and developing at a extreme rate in Asia pacific, this will
result in increase demand for ERP. Government support and cooperation for
implementation for ERP will help to propel market.
Competitive Insights
The
market is divided as there are different companies in market worldwide.
Acquisition, innovation and new product development are key strategies opted by
companies. IBM corporation, NetSuite Inc., Syspro, Unit4, Microsoft
Corporation, Infor, SAP SE and Totvs S.A are key players in market.
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